# KABUKI-ZA CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第102期(2025/03/01－2026/02/28) (S100Y65X)
> Page: https://vizora.meequs.com/en/company/kabuki-za
> Retrieved: 2026-09-30T18:33:09.680Z

## Company

Kabuki-Za, founded in 1945, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 38 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KABUKI-ZA CO., LTD. |
| Ticker | 9661 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9661.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座四丁目12番15号 |
| Representative (per filing) | 代表取締役社長 安孫子 正 |
| Founded | May 1945 |
| Share capital | ¥2.37B |
| Employees (consolidated) | 38 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | February |
| Website | www.kabuki-za.co.jp (https://www.kabuki-za.co.jp/) |
| Corporate number | 1010001034763 |
| EDINET | E04606 |
| Industries (Vizora) | Real Estate Development & Leasing, Restaurants & Pubs |

> Profile source: annual securities report (S100Y65X, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 75 |
| Profitability | 48.3 | 86 |
| Cash conversion | 84.8 | 82 |
| Efficiency | 4.1 | 86 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 56% of Kabuki-Za's sales come from Leasing, with Shop and Dining room and food and beverage making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +16.9% from the prior year, operating profit +73.6%.

## Company structure

- Segment revenue mix: Leasing 55.8%、Shop 22.4%、Dining room and food and beverage 21.8%
- Revenue → net income: ¥3632657000 → ¥284536000
- Net income → operating cash flow: ¥284536000 → ¥705871000（difference ¥421335000）
- Main uses of operating cash flow: CapEx ¥89263000 / dividends ¥59824000 / buybacks ¥234000
- Change in cash: ¥535786000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.63B |  |
| Operating income | ¥378.9M | Margin 10.4% |
| Net income | ¥284.5M | Margin 7.8% |
| Free cash flow | ¥616.6M |  |
| Largest business | Leasing | of segment revenue 55.8% |
| Employees (consolidated) | 38 |  |
| EPS | ¥11.01 |  |
| Book value per share | ¥884.7 |  |
| Equity ratio | 46.7% |  |
| Shares outstanding | 12,170,000 |  |
| Treasury shares | 50,300 |  |
| Shareholders | 5,771 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 70.8% |
| Vs. industry median margin | -0.1 pp | Real Estate Development & Leasing |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, employees -3% while operating income rose 74%
- FY2026, one segment accounts for 70% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2106205000 | ¥3632657000 | +72.5% |
| Operating income | ¥-378294000 | ¥378931000 | — |
| Operating margin | -18.0% | 10.4% | +28.4 pp |
| Employees | 53 people | 38 people | -28.3% |
| Cash and equivalents | ¥1269995000 | ¥2570307000 | +102.4% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産賃貸事業 → 不動産賃貸事業 | 55.8% |
| 不動産賃貸事業 → 事業再編・廃止 | 27.4% |
| 食堂・飲食事業 → 食堂・飲食事業 | 4.2% |
| 売店事業 → 売店事業 | 12.7% |
| 新設・再編 → 食堂・飲食事業 | 17.6% |
| 新設・再編 → 売店事業 | 9.7% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Leasing | 5 years | +3.0% | ¥2026197000 | 30.4% | 2 |
| Shop | 5 years | +25.0% | ¥815083000 | 22.8% | 2 |
| Dining room and food and beverage | 5 years | +55.2% | ¥791376000 | 9.2% | 2 |

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,633 | 100.0% | S100Y65X |
| Cost of revenue | 2,715 | 74.7% | S100Y65X |
| Gross profit | 917 | 25.3% | S100Y65X |
| SG&A | 538 | 14.8% | S100Y65X |
| Operating income | 379 | 10.4% | S100Y65X |
| Ordinary income | 381 | 10.5% | S100Y65X |
| Pretax income | 381 | 10.5% | S100Y65X |
| Income tax | 96 | 2.6% | S100Y65X |
| Net income | 285 | 7.8% | S100Y65X |
| Net income attributable to owners | 285 | 7.8% | S100Y65X |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 15 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 25.3% → Operating margin 10.4% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.9%; Core profit growth: +73.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.34×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,107 | 3,633 | 526 | +16.9% |
| Gross profit | 746 | 917 | 171 | +22.9% |
| Operating income | 218 | 379 | 161 | +73.6% |
| Net income attributable to owners | 275 | 285 | 10 | +3.6% |
| Operating cash flow | 216 | 706 | 490 | +226.8% |
| Free cash flow | 180 | 617 | 437 | +243.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,743 | 298 | 8.0% | 213 | 587 | 494 | S100LE2G |
| FY ending Feb 2021 | 2,106 | -378 | -18.0% | -347 | -361 | -416 | S100ORSQ |
| FY ending Feb 2022 | 2,470 | -115 | -4.6% | -153 | 101 | 68 | S100QU2Y |
| FY ending Feb 2023 | 2,702 | -25 | -0.9% | -78 | 160 | 130 | S100TILF |
| FY ending Feb 2024 | 3,053 | 203 | 6.7% | 256 | 308 | 295 | S100VRE4 |
| FY ending Feb 2025 | 3,107 | 218 | 7.0% | 275 | 216 | 180 | S100Y65X |
| FY ending Feb 2026 | 3,633 | 379 | 10.4% | 285 | 706 | 617 | S100Y65X |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95.6M |
| Operating income per employee (consolidated) | ¥10M |
| Net income per employee (consolidated) | ¥7.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 47 | 45 | 43 | 39 | 38 |
| Average salary (parent company) | ¥6.6M | ¥5.7M | ¥7.1M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 49.2 years | 45.5 years | 47.2 years | 43.3 years | 42.2 years |
| Average tenure (parent company) | 14.5 years | 12.8 years | 14.8 years | 12.1 years | 12.8 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +16.9%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Leasing | 2,026 | 55.8% | 617 | 30.4% |
| Dining room and food and beverage | 791 | 21.8% | 73 | 9.2% |
| Shop | 815 | 22.4% | 186 | 22.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Leasing | 55.8% | 70.4% | 14.6 | 30.4% |
| Dining room and food and beverage | 21.8% | 8.3% | -13.4 | 9.2% |
| Shop | 22.4% | 21.2% | -1.2 | 22.8% |

Segment → industry: Leasing → Real Estate Development & Leasing / Dining room and food and beverage → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 706 | 19.4% | S100Y65X |
| Capital expenditure | 89 | 2.5% | S100Y65X |
| Free cash flow | 617 | 17.0% | 算出 |
| Investing cash flow | -107 | -2.9% | S100Y65X |
| Financing cash flow | -63 | -1.7% | S100Y65X |
| Dividends paid | 60 | 1.6% | S100Y65X |
| Share buyback | 0 | 0.0% | S100Y65X |
| Change in cash | 536 | 14.7% | S100Y65X |
| Cash and equivalents | 2,570 | 70.8% | S100Y65X |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,412 | 1,507 | 1,918 | 2,035 | 2,570 | S100TILF, S100VRE4, S100Y65X |
| Total assets | 25,048 | 24,257 | 23,792 | 24,349 | 24,326 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Net assets | 11,079 | 10,625 | 10,544 | 11,293 | 11,368 | S100TILF, S100VRE4, S100Y65X |
| Share capital | 2,365 | 2,365 | 2,365 | 2,365 | 2,365 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Trade receivables | 18 | — | — | — | — | S100QU2Y |
| Inventories | 33 | 30 | 30 | 28 | 29 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Property, plant and equipment | 14,482 | 14,035 | 13,564 | 13,158 | 12,855 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Intangible assets excluding goodwill | 2,629 | 2,635 | 2,630 | 2,633 | 2,627 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Investment securities | 5,923 | 5,469 | 5,072 | 5,843 | 5,662 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Current assets | 1,515 | 1,634 | 2,065 | 2,188 | 2,793 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Current liabilities | 687 | 772 | 815 | 745 | 1,019 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Total liabilities | 13,969 | 13,632 | 13,248 | 13,055 | 12,959 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Equity attributable to owners of parent | 9,095 | 8,956 | 9,150 | 9,364 | 9,588 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Retained earnings | 3,687 | 3,548 | 3,743 | 3,957 | 4,181 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |
| Treasury stock | -222 | -223 | -223 | -223 | -223 | S100QU2Y, S100TILF, S100VRE4, S100Y65X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100Y65X |
| Inventories | 0% | S100Y65X |
| Property, plant and equipment | 53% | S100Y65X |
| Intangibles and goodwill | 11% | S100Y65X |
| Investment securities | 23% | S100Y65X |
| Other assets | 2% | S100Y65X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100Y65X |
| Equity | 47% | S100Y65X |
| Other liabilities | 0% | S100Y65X |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,048 | 24,257 | 23,792 | 24,349 | 24,326 |
| Equity | 11,079 | 10,625 | 10,544 | 11,293 | 11,368 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,412 | 1,507 | 1,918 | 2,035 | 2,570 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 353.9% | S100Y65X |
| Fixed assets ÷ total assets | 52.8% | S100Y65X |
| Goodwill ÷ parent equity | — | —, S100Y65X |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 10.6% |
| Cash ÷ revenue | 70.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.3% |
| Cash vs. profit gap | 421 JPY mn (of net income 148.1%) |
| Shareholder returns / net income | 21.1% |
| Shareholder returns / FCF | 9.7% |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 9.7% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 15.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -0.6% | —× | — | S100QU2Y |
| 2023 | — | —× | -0.3% | —× | — | S100TILF |
| 2024 | 8.4% | 0.13× | 1.1% | 2.65× | 2.8% | S100VRE4 |
| 2025 | 8.8% | 0.13× | 1.1% | 2.60× | 3.0% | S100Y65X |
| 2026 | 7.8% | 0.15× | 1.2% | 2.57× | 3.0% | S100Y65X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松竹株式会社 | Major shareholder | 13.7% | 2026-02-28 |
| 清水建設株式会社 | Major shareholder | 8.6% | 2026-02-28 |
| みずほ信託銀行株式会社 退職給付信託 松竹口再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 3.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(退職給付信託 松竹口) | Major shareholder | 3.7% | 2026-02-28 |
| 株式会社みずほ銀行 | Major shareholder | 1.9% | 2026-02-28 |
| 株式会社ＴＢＳテレビ | Major shareholder | 1.2% | 2026-02-28 |
| 株式会社フジ・メディア・ホールディングス | Major shareholder | 1.2% | 2026-02-28 |
| 日本テレビ放送網株式会社 | Major shareholder | 1.2% | 2026-02-28 |
| 株式会社三越伊勢丹 | Major shareholder | 0.9% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 0.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/03/01－2026/02/28) | S100Y65X | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y65X,, |
| 有価証券報告書－第101期(2024/03/01－2025/02/28) | S100VRE4 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRE4,, |
| 有価証券報告書－第100期(2023/03/01－2024/02/29) | S100TILF | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TILF,, |
| 有価証券報告書－第99期(2022/03/01－2023/02/28) | S100QU2Y | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU2Y,, |
| 訂正有価証券報告書－第98期(令和3年3月1日－令和4年2月28日) | S100ORSQ | 2022-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORSQ,, |
| 有価証券報告書－第97期(令和2年3月1日－令和3年2月28日) | S100LE2G | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE2G,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).